Second stimulus check: 6 important things to know about a new payment

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What happens with a second stimulus check? We will tell you. Angela Lang / CNET

With so much going on in this uncertain time, it’s not easy to stay on top of what’s going on with a second potential stimulus payment. Problems such as vaccine development, the threat presidential debates and fill the seat of the Supreme Court left open by the death of Supreme Court Justice Ruth Bader Ginsburg are competing for center stage.

We’ve identified six important facts to know about what a second direct payment might look like Eligible Americans, and negotiations give a new one stimulus program. We update this story regularly.

High unemployment rates and a faltering economy underscore the need for more aid. Angela Lang / CNET

1. We are one more step towards a new verification of stimuli

The second stimulus check enjoys strong bipartisan support, but talks have now been suspended for more than a month. New hope emerged on Thursday in the form of a deal between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi will resume negotiations this could result in funding for a coronavirus bill that includes a second check.


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2. IRS Could Speed ​​Up Check Mailing Process

It took about two and a half weeks for the IRS and the Treasury Department to send the first round of stimulus payments to eligible recipients. Treasury Secretary Steven Mnuchin said he could send them out much faster this time around once the deal is signed.

“I could make 50 million payments very quickly,” and start making payments a week after signing an invoice, Mnuchin said in August.

3. Qualifications could change to your advantage

While we believe a second stimulus check would follow broadly the same guidelines as the first, eligibility criteria are subject to change. It could even benefit your family, if a new stimulus bill redefines who counts as an eligible dependent.

Other remarks on eligibility:

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Less than a quarter of eligible beneficiaries received their payment by check in the mail.

Sarah Tew / CNET

4. There is a way to know who gets their check first

To get economic aid money to eligible Americans as quickly as possible, the IRS and the Treasury Department adopted several approaches that included direct deposit, physical checks, and prepaid EIP cards. According to the latest figures from the Treasury Department (in June), here is how nearly 160 million payments break down:

  • Direct deposit: 75% or 120 million payments
  • Paper check: 22% or 35 million payments
  • EIP prepaid debit card: 3% or 4 million payments

With the IRS continuing to urge people to set up direct deposit to receive payments directly to their bank account, that number could be even higher. You are expected to receive your money as quickly as possible with direct deposit, followed by check and EIP card. The IRS automatically chooses the payment method, but is likely to reopen its portal at register for direct deposit if you haven’t already.

5. We already think we know how much money you could make

If you are waiting for your first payment or find an estimate of how much a second check might include, you can use our stimulus control calculator to get an idea of ​​how much you, your family and your dependents might expect to receive, especially if qualifying changes with another raise check. Our calculation tool does not store your personal data under any circumstances.

6. The small print can get complicated, quickly

When and if a second stimulus check occurs, details will need to be clarified. While some situations are straightforward, there are other complications for you and your dependents that could prevent you from knowing if you qualify, how much of a check you should expect, and when it will arrive. Marginal cases abound.

For example:

There is a lot more to know about other government payments during the pandemic. Here’s what you need to know a possible IRS interest check, the Federal unemployment benefits of $ 300 and reduction of social charges for the administration.

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